MinebeaMitsumi (6479): Earnings model update: Expect stable earnings growth; also expect EVA spread to improve

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MinebeaMitsumi (6479): Earnings model update: Expect stable earnings growth; also expect EVA spread to improve

J P M O R G A N Asia Pacific Equity Research

02 July 2026

MinebeaMitsumi (6479) Overweight

6479.T, 6479 JP

Earnings model update: Expect stable earnings Price (02 Jul 26):¥4,694

growth; also expect EVA spread to improve ▲Price Target (Dec-27):¥5,500 Prior (Dec-26):¥3,700

We change the time horizon for our price target from December 2026 to December

2027, raise our price target from ¥3,700 to ¥5,500, and maintain our Overweight Japan Equity Research

rating. As before, we expect stable earnings growth driven by the precision Technology - Electronic

technologies segment. In this segment, we think ball bearings used in data center Components

fan motors could benefit from the growing demand for server CPUs used in agentic AC Akinori Kanemoto

AI. We also expect stable growth in demand for rod-ends and fasteners used in (81-3) 6736 8628

aircraft and for precision mechanical components. In addition, we anticipate stable akinori.kanemoto@jpmorgan.com

growth for fan motors in the motors business and high growth for battery protection Ikki Shibata

modules in the electronic devices business. We look for stable growth in demand (81-3) 6736 8641

centered on AI server-related products. Going forward, we would expect earnings ikki.shibata@jpmorgan.com

to improve further if demand for analog semiconductors recovers. JPMorgan Securities Japan Co., Ltd.

• Earnings estimates: We revise our estimates in light of recent market trends Key Changes (FYE Mar)

(we assume a forex rate of ¥155/$). We raise our FY2026 operating profit

Prev Cur Δ

estimate from ¥121.1 billion to ¥126.3 billion (guidance: ¥120.0 billion; Adj. EPS - 27E (¥) 218.13 227.83 4.4%